SPX Technologies (NYSE:SPXC) Stock Price Target Cut by B. Riley Financial

Key Points

• B. Riley Financial cut SPX Technologies’ price target from $285 to $250 while maintaining a “buy” rating, implying roughly 54% upside from the prior close.
• Analyst sentiment remains positive overall, with SPX Technologies holding a consensus “Moderate Buy” rating and an average price target of $243.82, despite several recent target reductions.
• SPX Technologies shares rose 1.3% to $162.37, while the company’s latest quarterly results exceeded expectations: EPS came in at $2.02 versus $1.85 expected, and revenue increased 22.9% year over year.

SPX Technologies (NYSE:SPXC - Get Free Report) had its price objective lowered by stock analysts at B. Riley Financial from $285.00 to $250.00 in a research report issued to clients and investors on Monday, Benzinga reports. The firm presently has a "buy" rating on the stock. B. Riley Financial's target price points to a potential upside of 53.97% from the stock's previous close.

Other analysts have also issued research reports about the stock. Zacks Research lowered shares of SPX Technologies from a "strong-buy" rating to a "hold" rating in a research note on Friday, October 2nd. Vertical Research started coverage on shares of SPX Technologies in a research note on Monday, September 28th. They issued a "buy" rating and a $215.00 price objective on the stock. Oppenheimer dropped their price objective on shares of SPX Technologies from $270.00 to $265.00 and set an "outperform" rating on the stock in a research note on Wednesday, October 21st. Truist Financial reduced their price objective on shares of SPX Technologies from $301.00 to $266.00 and set a "buy" rating for the company in a report on Monday, October 5th. Finally, JPMorgan Chase & Co. decreased their target price on shares of SPX Technologies from $282.00 to $225.00 and set an "overweight" rating for the company in a research report on Friday, October 9th. One research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and two have assigned a Hold rating to the company's stock. According to MarketBeat, SPX Technologies presently has an average rating of "Moderate Buy" and a consensus price target of $243.82.

SPX Technologies Stock Up 1.3%

NYSE:SPXC traded up $2.04 on Monday, hitting $162.37. The stock had a trading volume of 67,914 shares, compared to its average volume of 566,886. The business's fifty day moving average is $183.00 and its 200 day moving average is $206.36. The company has a market cap of $8.13 billion, a PE ratio of 29.18, a P/E/G ratio of 1.03 and a beta of 1.24. The company has a quick ratio of 1.21, a current ratio of 1.82 and a debt-to-equity ratio of 0.23. SPX Technologies has a 52 week low of $155.86 and a 52 week high of $251.08.

SPX Technologies (NYSE:SPXC - Get Free Report) last released its quarterly earnings data on Thursday, July 30th. The company reported $2.02 EPS for the quarter, beating the consensus estimate of $1.85 by $0.17. SPX Technologies had a return on equity of 16.53% and a net margin of 11.27%. The firm had revenue of $679.00 million during the quarter, compared to the consensus estimate of $640.18 million. During the same quarter in the previous year, the company posted $1.65 earnings per share. The company's quarterly revenue was up 22.9% on a year-over-year basis. SPX Technologies has set its FY 2026 guidance at 8.200-8.600 EPS. On average, equities research analysts expect that SPX Technologies will post 8.48 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the company. Group One Trading LLC bought a new stake in SPX Technologies in the 2nd quarter valued at about $32,000. Mitsubishi UFJ Asset Management Co. Ltd. bought a new position in SPX Technologies during the second quarter worth about $47,000. Summit Securities Group LLC bought a new position in SPX Technologies during the first quarter worth about $51,000. Parallel Advisors LLC boosted its position in SPX Technologies by 38.1% during the first quarter. Parallel Advisors LLC now owns 312 shares of the company's stock worth $62,000 after purchasing an additional 86 shares during the period. Finally, Harbor Investment Advisory LLC purchased a new position in shares of SPX Technologies in the second quarter worth about $70,000. Hedge funds and other institutional investors own 92.82% of the company's stock.

About SPX Technologies

SPX Technologies, Inc NYSE: SPXC is a diversified industrial technology company that develops and manufactures engineered products and solutions for the heating, ventilation, air conditioning and infrastructure markets. The company serves commercial, industrial and residential customers through specialized technologies designed to support building climate control, utility infrastructure and related applications.

SPX Technologies operates through two primary business segments: HVAC and Detection & Measurement.

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